Company briefs: Interra Resources

Interra Resources

Interra Resources and Sany South East Asia yesterday signed a memorandum of understanding to tap opportunities arising from China's "One Belt, One Road" initiative, which is expected to boost investments in a variety of energy projects .

Interra, which is in the business of petroleum exploration and production, said the cooperation will look into jointly investing in or developing companies and assets related to the oil and gas industry in South-east Asia.

Sany is the wholly-owned local subsidiary of Sany Heavy Industry, a manufacturer and distributor of engineering machinery products and accessories, listed on the stock exchanges of Shanghai and Hong Kong.

Singapore Exchange

The Singapore Exchange (SGX) was named Global Exchange of the Year for the first time at the recent Futures & Options World (FOW) International Awards ceremony, the bourse said yesterday.

It was praised for expanding its offshore Asian equity derivatives suite, growing its commodities-clearing and over-the-counter business, and for continuing to grow the currency futures portfolio and turnover.

FOW also credited SGX for being at the forefront of global regulatory standards.

MMP Resources

MMP Resources, formerly Sino Construction, is gearing up for growth after a restructuring exercise that began in February.

It said yesterday it has "significantly reduced its debt, resulting in stronger fundamentals and a more focused strategic business model".

It has launched initiatives to "decouple or cease transactions" undertaken by the previous management last year which would have been difficult to fulfil in the present economic downturn.

The restructuring efforts had a positive impact on its financial position, cutting losses from $7 million in the fourth quarter of 2014 to $674,000 in the third quarter this year.

MMP resources said it is now exploring funding alternatives that will add value to its business, with a focus on renewable fuels, fuel technology, renewable energy generation, commercial and retail construction and building materials.

MMP Resources also wants to transfer the company from the mainboard to the Catalist board.

A version of this article appeared in the print edition of The Straits Times on December 15, 2015, with the headline 'CompanyBriefs'. Print Edition | Subscribe